Telecommunications company OptiComm shareholders have approved the acquisition of ASX-listed telecom firm Uniti Group by voting in favour of the proposed bid. The announcement was made by Uniti on 9th November 2020 saying that the vote was overwhelmingly in the favour of the proposed bid, with 99.9% percent being in favour.
The shareholders’ approval is the second last step towards the finalization of the acquisition. The last hurdle in the closing of the acquisition is the approval of the Federal Court and the hearing for the same is scheduled to be on the 12th November 2020.
Shareholders approve Uniti Group acquisition
In the announcement by Uniti, the board of the telecom firm thanked OptiComm shareholders for their support of the OptiComm Scheme and looks forward to the acquisition. The shareholder vote was taken up after telecom firm OptiComm revealed that a rival bidder of Uniti, Aware Super, had not gotten back to them after a month-long bidding war.
Uniti Group’s original bid to buy OptiComm in September 2020 was $5.2 per share, equivalent to $532 million. Later, Uniti revised its bid and agreed to pay about $700 million (or $6.67 a share) to beat Aware Super’s final bid of $6.50 a share.
Uniti Group – an Aussie Telecom Firm
ASX-listed Uniti Group Limited is a telecommunications service provider that operates through 3 distinct Business Units (BU) – Wholesale & Infrastructure, Specialty Services and Consumer & Business Enablement.
Its Wholesale & Infrastructure BU is involved in FTTP open access network design, installation, operation and maintenance. The Specialty Services BU designs, develops and delivers cutting-edge communications and analytical solutions to small, medium and large businesses and government organizations in the form of Communications Platform-as-a-Service or (cPaaS). Their third Business Unit, Consumer & Business Enablement offers telecom products and services such as voice and broadband.
The telecom firm listed on the Australian Securities Exchange in Feb 2019 with the goal of becoming a leading niche telecom services provider through both inorganic and organic growth via business acquisitions.
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